Electronic realty and transaction system and method therein

ABSTRACT

The electronic realty transaction system (ERTS) automates real estate processes and provides web-based accessibility to residential, commercial, and land markets. The system will provide a “one-stop-shop” for all real estate related transactions and will include a detailed tracking and history of customer transactions for the realtors. The system will provide the ability to charge, collect, and track payments for real estate related transactions. ERTS includes an electronic contract generator (ECG) that pulls information from multiple sources and automatically identifies end-user requests for services and ultimately enables a property request (i.e. contract) to be developed using auto populating techniques.

CROSS REFERENCE TO RELATED APPLICATIONS

[0001] This application for Patent is related to and claims priorityfrom a provisional application filed on Dec. 27, 2001, titled ELECTRONICREALTY AND TRANSACTION SYSTEM (ERTS) and identified by the Ser. No.60/342,396.

FIELD OF THE INVENTION

[0002] The present invention relates generally to real estate businessprocesses, and specifically to a web-based electronic real estate andtransaction system and methods therein that operate to streamline,bundle together and make available online many aspects, includingrelevant forms, involved in executing a real estate transaction.

BACKGROUND OF THE INVENTION

[0003] Real estate listings are presently handled by a Multiple ListingService (MLS) Regional information system. This MLS system is designedfor the use of Real Estate Professionals who currently retrieve realestate information from this system to service their customers. The MLSsystem is a Multiple Listing Database that includes residential,multifamily, commercial, and land real estate listings for the purposeof buying, selling or leasing those properties through a centraldatabase.

[0004] However, at the present time, even though consumers areincreasingly depending on the Internet to locate and purchase property,a system is not available or capable to process automated real estatetransactions for the public. Furthermore, the current MLS Regionalinformation system is only meeting minimal needs for real estateprofessionals.

[0005] Therefore, a web-based real estate system and methods are neededto provide buyers, sellers, and agents with the tools and servicesnecessary to facilitate a real estate business transaction.

BRIEF DESCRIPTION OF THE DRAWINGS

[0006] The accompanying figures, where like reference numerals refer toidentical or functionally similar elements throughout the separate viewsand which together with the detailed description below are incorporatedin and form part of the specification, serve to further illustratevarious embodiments and to explain various principles and advantages allin accordance with the present invention.

[0007]FIG. 1 depicts, in an exemplary form an Electronic RealtyTransaction System;

[0008]FIG. 2 illustrates a simplified system architecture with variousinterfaces;

[0009]FIG. 3 illustrates a Systems level concept diagram that showsvarious performance and features of the system;

[0010]FIG. 4 depicts a hardware multi-tier client server architecturefor the system;

[0011]FIG. 5 depicts a use case model of the system depicting variousfeatures, functionality, and relationships;

[0012]FIG. 6 depicts an activity diagram for one of the use case of FIG.5;

[0013]FIG. 7 depicts an exemplary situation of the FIG. 6 diagram inaction;

[0014]FIG. 8 through FIG. 11 depicts various activity diagrams foradditional ones of the use cases of FIG. 5;

[0015]FIG. 12 depicts an activity diagram at a high level of thecontract completion online use case of FIG. 5;

[0016]FIG. 13 depicts a an activity diagram at a high level of thecontract tracking use case of FIG. 5;

[0017]FIG. 14 depicts an exemplary overall functional decompositiondiagram of the system;

[0018]FIG. 15 depicts an exemplary administrative backend site map withthe links or pages that are accessible by an administrator;

[0019]FIG. 16 depicts a high level and exemplary public front end orsite map for the system from the consuming publics perspective;

[0020]FIG. 17 depicts an exemplary environment for an electroniccontract generator used within the system;

[0021]FIG. 18 depicts an exemplary high-level activity diagram for majorsystem activities;

[0022]FIG. 19 depicts an activity diagram for various administrativeactions;

[0023]FIG. 20 depicts an activity diagram for various processesundertaken by the electronic contract generator;

[0024]FIG. 21 depicts another activity diagram for other processesundertaken by the electronic contract generator;

[0025]FIG. 22 depicts an activity diagram for funding activities of theelectronic contract generator; and

[0026]FIG. 23 depicts a use case model for the electronic contractgenerator.

DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS

[0027] In overview, the present disclosure concerns systems, methods,and equipment or apparatus that provide, support or facilitateelectronic real estate transactions and services for users of suchsystems and equipment and specifically techniques for providing andsupporting such transactions and services online electronically thusassuring timely near real time access to such services for the realestate professional and consumer alike. The systems, equipment, and thelike rely on some form of connectivity, thus network, such as the worldwide web or web, that may be any combination of wired and wirelessnetworks. Networks of particular interest may be organized on a widearea network (WAN), such as the World Wide Web or Internet or local areanetwork (LAN) basis or combination thereof generally in a structuredmanner and should be suitable for modest bandwidth communications.

[0028] The instant disclosure is provided to further explain in anenabling fashion the best modes of making and using various embodimentsin accordance with the present invention. The disclosure is furtheroffered to enhance an understanding and appreciation for the inventiveprinciples and advantages thereof, rather than to limit in any mannerthe invention. The invention is defined solely by the appended claimsincluding any amendments made during the pendency of this applicationand all equivalents of those claims as issued.

[0029] It is further understood that the use of relational terms, ifany, such as first and second, top and bottom, and the like are usedsolely to distinguish one from another entity or action withoutnecessarily requiring or implying any actual such relationship or orderbetween such entities or actions. Much of the inventive functionalityand many of the inventive principles are best implemented with or insoftware programs and instructions. It is expected that one of ordinaryskill, notwithstanding possibly significant effort and many designchoices motivated by, for example, available time, current technology,and economic considerations, when guided by the concepts and principlesdisclosed herein will be readily capable of generating such softwareinstructions with minimal experimentation. Therefore, in the interest ofbrevity and minimization of any risk of obscuring the principles andconcepts according to the present invention, further discussion of suchsoftware, if any, will be limited to the essentials with respect to theprinciples and concepts used by the preferred embodiments.

[0030] Referring to FIG. 1, an Electronic Realty and Transaction System(ERTS) 100 according to a preferred embodiment of the present inventionis realized through a systems architecture that emphasizes the use ofexisting processes and commercial off the shelf (COTS) products that areintegrated with new and novel functionality to provide, for example,one-click-edit features, electronic contract generation, and variousdatabases as will be further discussed and described.

[0031] As will be discussed further below, some of the key functionalrequirements of the present ERTS system include:

[0032] Providing a GUI (Graphical User Interface) on top of informationprovided by brokers and to be able to display all the necessary data andto use all the fields that are stored by the database in the system

[0033] Providing links to manage other real estate data

[0034] Exist as a living program utilizing the latest software andhardware technology available (or as it becomes available)

[0035] Using source code and business rules specifically designed forthese business real estate processes

[0036] Sending email to involved parties to notify them of contractualissues

[0037] Using a web provider with high-speed throughput to make thesystem accessible via an Internet browser

[0038] Requirements may be organized into functional groups. Thesegroups represent major subsystems of the ERTS system. A detailedarchitecture is central to provide answers as to what the system isdoing, though not necessarily how the system will perform. FIG. 2 is asimplified system group architecture, which pictorially describes howthe system functions with the various internal/external interfacesprovided.

[0039]FIG. 3 is another illustration of interfaces within the ERTSsystem as well as interfaces to external environments. FIG. 3 is anexample of a Systems Concept Diagram that describes the performance anddesign requirements for the system. For example, such requirements andthus functionality include elements such as:

[0040] A definition of the common usage's of the function

[0041] The performance criteria of the function being acquired,developed, and built

[0042] The components interacting and functioning ability

[0043] How the system functions together and how it will be designed

[0044] As shown the resultant system has a plurality of components orelements, such as:

[0045] A user interface web page (HTML with JSP, Java Servlets, and JavaScript)

[0046] An application program that processes user requests (Main Subsite)

[0047] Central Relational Databases (MySQL or Oracle)

[0048] A Database Management System (DBMS) to manage the data andcommunicate with the user interface (Admin Sub site)

[0049] A database System Administrator (Admin Sub site)

[0050] A system for tracking customer requests (Admin Sub site)

[0051] An external interface for resolving contract/listing and paymentinformation (Java Code/JavaBeans)

[0052] Third party COTS software such as WAP, PDA, and Satellite

[0053] Ability to interface with Credit Card Companies and acceptelectronic or digital signatures

[0054] Certificate Authority (CA) certificates, to verify theauthenticity of a certificate, to verity a signature, using securetransports (signed JAR files)

[0055] The various interfaces and functions shown in FIGS. 1, 2, and 3together with hardware and software human engineering efforts drive,determine, or constrain the architectural features for the ERTSweb-based system.

[0056]FIG. 4 illustrates an exemplary physical architecture for the ERTSsystem and associated environment. FIG. 4 shows the physical frameworkfor the design and what the system looks like when it is put together.The System Architecture involves functional, physical and foundationarchitectures. A software application supports a variety of users in thereal estate market place, all requiring access to a shared/commondatabase or databases. The architecture is determined somewhat by wheredata is needed, thus data flow and involved interfaces. Additionally,relational data needs and requisite data flows are thus involved inmultiple interfaces thus having this influence. The system hardware andsoftware environment for the application is supported by a multi-tierclient/server architecture. FIG. 4 is an example of physical interfacesthat may be required for the systems internal/external environments tointerface and operate. This multi-tier or multi-tier enterprisearchitecture comprises the following components. Central Data Serverssupporting a shared database management system (DBMS) that provides acentrally located place for shared data. This DBMS can be located onseparate data servers or the same central server platform. ApplicationComputer Server Applications are supported within the distributedconfiguration by hardware platforms that execute the applicationsfunctions. The computer server provides host computer services to anumber of client workstations. Desktop Workstations to display andcontrol application processes are provided by desktop workstations withInternet access. The automated software for the real estate system isweb-based with multi-media technology.

[0057] The discussion below will illustrate the web-based electronicreal estate transaction system of the present disclosure. Model viewsand diagrams that will be used to facilitate these discussions includethe Use Case Models, Activity Diagrams, a Functional DecompositionDiagram, as well as the User and Admin Sub site maps.

[0058] Referring to the Use Case Model shown in FIG. 5, the requirementsof or functionality provided by the ERTS system are shown. The Use CaseModel or Diagram shows many requirements linked by the different Actorsinvolved. The functionality required for the following elements or usecases is explained in further detail below. These elements include:Personal Folder“My Folder” 501, Real Estate Tracker 502, ReferralsHandling 503, Tracking Customers for Follow-up and Payment 504, SecurityDeposits 505, Contract Completion Online 506, Contract Tracking 507, NewHomes Section 508, WAP/WML Applications for Mobile Phones and PDAs 509,Site Internationalization 510, Real Estate Mall 511, Agent Maintenance512, Property Tours 513, Back Office for System Administrator to TrackBrokers 514, History of Agent Transactions 515, Reports 516, and BackOffice for Agents 517. The relevant actors depicted in FIG. 5 include aBuyer 521, a Seller 523, a System Administrator 525, the ERTS system527, Broker/Agent 529, and Agents 531.

[0059] The functionality of ERTS is constrained and determined byvarious requirements and internal functions that are often characterizedor commonly known as Use Case objects or Use Case Business objects. Asshown in FIG. 5 this functionality impacts and includes one or more ofthe Actors and Use Cases. Each Use Cases describes how the system can beused or captures in part the ERTS systems functionality. Each Use Casewill yield an observable result of value to one or more of the Actors.Generally, a Real Estate transaction or process is or may be thought ofas an integrated process comprising the aforementioned components orelements or the Use Cases listed above and described below. The Use CaseView is one way of capturing and storing the Use Case Model. The UseCase Model describes the system and overall purpose with requirementsand thus various functionalities. The Use Case Model captures the systemfunctionality as seen by users and shows how the system is perceived byexternal actors using the system. Actors are human beings or othersystems that are external and interact with the system. The Use CaseModels may be used for one or more of:

[0060] Specify the context of the system

[0061] Capture the requirements of the system

[0062] Validate the systems architecture

[0063] Drive implementation and generate test cases

[0064] Additionally included and discussed below are various ActivityDiagrams that capture respective activities from the Use Case Model. Thefocal point of the activities is work. As an activity or action happens,the state changes, and actions are captured as results. The overallpurpose of the activity diagrams is to model business workflows andoperations. Although a Real Estate Transaction or Process can get quitecomplex, the use case and activity diagrams may be used to narrow downthe processes so that they may be shown at a relatively high-level forease of understanding and for purposes of the present discussion. Nextthe respective use cases will be reviewed.

[0065] The Personal Folder 501 including “My Folder”, shown in FIG. 5,includes functionality that will allow a Buyer(s) 521 to register andonce registered to add listings and the like to a personal folder. Asshown at 601 in the activity diagram of FIG. 6, the personal folder willbe derive a buyers request. The desired and available features orfunctionality are listed below with many of them depicted in theabbreviated activity diagram of FIG. 6 and FIG. 7. Some of the featuresare:

[0066] Track whatever a visitor looks at 603

[0067] Add or Delete (Remove) selected listings from “My Folder” 605,607

[0068] Add, Modify, Save or Remove items from “My Folder” (i.e. uploaddocs, select preference lists, generate appreciation reports, or otherfolder contents)

[0069] Provide a logon screen and registration for the Buyer 609, 611

[0070] Order listings by creating a preference list (A property WishList) for “My Folder” (i.e. by location, property type, price range,date range, or what is new on the market) 613

[0071] Notify a customer via automatic email once an availability matchoccurs from their pre-created preferences (i.e. ordered listings from aWish List become available in the system, the system sends a propertyinfo notification automatically via email to that specific customer)

[0072] The system time stamps and records each user submitted preferenceor Wish List

[0073] The System is arranged to select and compare like or similarproperties (see FIG. 7 for a more detailed review) according to thefollowing model where the neighborhood and property type are the same(i.e. Subdivision, Hometype) 615

[0074] Calculate % of appreciation by neighborhood and analyze data(i.e. by selected fields such as neighborhood or subdivision, timeframe(months or years) and display the results, associated property photos,and a graphical trend analysis) FIG. 7

[0075] Provide sorting capability for a specific subdivision oncecomparison results are generated and displayed (i.e. by specific listingparameters, available fields) FIG. 7

[0076] For new entities or users who have not registered, a link can beprovided from the home page for user registration 611. The registrationpage may advertise the advantages and requirements of registering as aBuyer, Seller, etc. It will provide each entity, Buyer, Seller, Broker,or Agent separate links once they have registered. (i.e. the SystemAdministrator will activate or deactivate and thus provide thisrole-based functionality from the Admin Subsite registration page) Alink will be provided for previously registered users to Logon from thehome page. The menu bar of the pages that the registered user will viewwill be dynamically changed to add a navigation bar or menu bar and soforth. (See exemplary FIGS. 6 and 7). The form for registration willcontain, for example, the following information: (*=required)

[0077] Personal Details:

[0078] *Title (Ms., Mrs., Mr., Dr., Other)

[0079] *First Name

[0080] *Last Name

[0081] *Mailing Address

[0082] *City

[0083] *State

[0084] *Zip

[0085] Profession

[0086] *Home Phone

[0087] Cell Phone

[0088] Work Phone

[0089] Fax Number

[0090] Pager

[0091] Gender (Male, Female)

[0092] Age Group

[0093] *Annual Household Income Range

[0094] *Home Owner or Currently Renting

[0095] *Registering with SYSTEM ADMINISTRATOR (i.e. to Buy or Rent)

[0096] *Home Type of Interest (Commercial, Residential, Land,Multifamily)

[0097] *Availability Requirement (Days/Months/Years/Immediate)

[0098] Account Details:

[0099] *User Name

[0100] *Password

[0101] *Retype Password

[0102] Forgot Password Details:

[0103] *Email (validation required)

[0104] *Mother's Maiden Name or Key Word

[0105] *Last 4 digits of Home Phone Number

[0106] Upon successful registration, a page will be presented invitingthe visitor to browse listings. The user's logon and password will besent to them through email for use in future access to their account. Inthe event that a registered user has forgotten his/her password, thefollowing will transpire:

[0107] Visitor will enter the email that they previously registered with

[0108] Visitor will enter mother's maiden name or specified key word andthe last 4 digits of their home phone number (if successful, the userwill continue to browse)

[0109] The system will send the user name and password through email tothe user and store this data securely (i.e. stored by UserID withencrypted password)

[0110] The registered user will be able to add items to their personalfolder from the detailed listing page. The attributes for the personalfolder are: (*=required)

[0111] *Property Status (Sold, Available, Under Contract, etc.)

[0112] *Neighborhood (Subdivision)

[0113] Listing Date

[0114] *Sale Date (Date Sold)

[0115] *Listing Price

[0116] *Sold Price

[0117] *Days on Market (DOM-MLS/DOM-Property)

[0118] *Property Type (Townhouse, Single Family, Condominium, etc.)

[0119] House Style

[0120] *Number of Bedrooms, Full Baths, Half Baths, Levels

[0121] Number of Property Type Sold

[0122] *Address

[0123] *City

[0124] *State

[0125] *Zip

[0126] *Average Sale Price (Computed Column)

[0127] *Subdivision

[0128] *Subsidy (pulled from MLS system)

[0129] *Comparison with time period (i.e. two years prior, and calculatethe property appreciation)

[0130] *% Change according to comparison calculation above

[0131] For all users, the navigation bar and menu bar links on the pagewill dynamically change and display special folder options. Theregistered user will be able to create a cabinet, create a folder forthat cabinet, and add items or view their real estate contracts.Listings can only be added from the properties additional detailslisting page, and all other documents may be uploaded with an uploadbutton. Registered users will be able to add or delete files from theirown folder only and dependent on their user role. (i.e. according totheir UserID)

[0132] The “My Folder” Functionality:

[0133] The system will have storage cabinets that contain one or morefolders for storing selected properties (i.e. listings and propertycontracts). Each user will have one pre-created contract cabinet andfolder to store their listings or property contracts. The pre-createdfolder may also be pre-named.

[0134] The user will be able to add or delete the contents of their filecabinet (i.e. only file cabinets that the user previously created ornamed), and user created files or uploaded file contents (i.e. the userwill not be allowed to delete system pre-created files or its contents).

[0135] The user will be able to add, delete, modify and save personalpreferences lists for listings, (i.e. specific Wish List/PreferenceList) by establishing the search settings for the system to locate theirproperty preferences.

[0136] The system will track each listing a Buyer saves to theirpersonal folder. Each listing in the database will have hit counterfunctionality that will store numeric results for listings each time thelisting is viewed by a different and unique user and may be viewed undera listing picture (i.e. by PropertyID. Hits are displayed for eachactive property on the initial property search result page, additionalproperty details page, and Seller's “My Page”. Once a property is sold,any active hits for that property are archived and no longer displayed.

[0137] Operating “My Folder”:

[0138] Each operator has a personal home page called the Desktop. A Username appears in the top, left-hand corner of the web page. The Desktopenables you to perform tasks in the system associated with your operatorroles. The system (ERTS) has function bars, such as:

[0139] The Navigation Bar that may be on the left side of the screen(displayed vertically)

[0140] The Menu Bar tht may be along the top of the screen (displayedhorizontally)

[0141] The Navigation Bar allows you to navigate through or process yourcontracts. It contains the InBox, File Cabinet, and Folders to hold yourcontracts and preference lists, as well as selected listings capturedfrom the additional property details page. The Menu Bar enables a userto perform a variety of tasks within the system based on the user rolesthe System Administrator grants a user within the system. A function toCreate Contracts only allows users, such as Agents and Brokers to accessthese functions based on their user roles. A user can access his or herDesktop page at any time by clicking on Desktop from the Menu Bar. (Seebelow)

[0142] The Real Estate Tracker tracks the contents of “My Folder” forregistered users of the site, and tracks the number of hits for eachactive listing. An exemplary activity diagram of the Real Estate Trackeris shown in FIG. 8. The system may automatically count the number ofhits based on each listing stored to a users personalized folder,“MyFolder”. General web statistics regarding the total number ofvisitors (IP Addresses, etc.) are collected and provided via knowntechniques. The following functionality is desired and provided by theReal Estate Tracker:

[0143] Available to all registered users (Buyer, Seller, Agent, Broker,Administrator, or Third Party)

[0144] Track and store hits on properties advertised by tracking usersadding listings to their personal folder

[0145] Provide a hit counter on the initial property search results pageand from additional details listing page

[0146] Track users adding listings to their personal folder

[0147] Allow other designated users to view another users personalfolder, such as displaying hit info about a Sellers listing to theSeller (integrate into Sellers, and Agents desktop page area, “My Page”)

[0148] Display hit info about a Sellers listing to the Seller (integrateinto Sellers, and Agents desktop page area, “My Page”)

[0149] Registration of Customers or users of ERTS, (Buyers and Sellers),Agents, Brfokiers, or Third Party users will encompass separateuser-based roles and represent distinct and separate business entitiesand assume different business functions. Customer Sign-In (Both Sellersand Buyers) are exposed to and presented with one or more of thefollowing:

[0150] Legal agreement and disclaimer

[0151] Becoming a site subscriber seller or buyer

[0152] Advertise features of application to encourage subscription

[0153] Handle promotional pricing

[0154] Sign or make comments to real estate forms online

[0155] Add mask for property listings to show all Buyers, Sellers,Agents and Brokers Brokers listings that they are allowed to add,delete, modify, make comments and view

[0156] Filter property listings to show properties by BrokerOrganization (i.e. by Broker code)

[0157]FIG. 9 is an exemplary flow diagram, which depicts how referralsflow into and out from the system. The following functionality isdesired and provided by the Referrals process:

[0158] Referrals Handling: (Agents and Brokers)

[0159] a) ERTS system or Agent refers customers into the system orsystem administrator:

[0160] Agent signs in and fills out the referral form and then submitsthe form to their Broker for signature. (a requirement)

[0161] Other Broker agrees to transfer customer, inputs % commission,and signs the form. (requirement)

[0162] The System or System Administrator or Broker approves andconfirms % commission to referring broker and to agent. Only forcustomers within a specific geographical area, such as VA, MD, or DCMetro Area

[0163] System identifies and discloses customer and specific area to theother party

[0164] Referral form is tagged by the system as finalized

[0165] b) The system or system administrator refers customers out toother agents: (administration web site area)

[0166] Referral for other agent necessary (may need to find an agentmatch)

[0167] Registered agents can sign in

[0168] Registered agent submits request to final referral agent (Listingand Selling Broker signatures are required for final approval)

[0169] Information will be stored on location of customers buying areaor selling area

[0170] Information and details about customer will be stored withproperty details based on selling and/or buying information

[0171] All Agents involved need to reply to the agent commissionagreement (provided from the system or system administrator, this is arequirement that must be validated by the system, then permanentlystored in the database)

[0172] The system displays the commission agreement. If the agentaccepts the commission agreement, both brokers must sign off by manualprocess (fax), or digital signature via the system

[0173] Referral form is tagged by the system as finalized

[0174] Both processes work essentially the same way, with the basicdifference being that referrals into must be restricted to ageographical, VA, MD, DC or any other area defined by the system. Thisis further described below:

[0175] The business logic behind the Seller and Agent registrationprocess will be similar. A hidden column attribute will be set toidentify the registered user as a Seller or Agent. Prior to registrationthe visitor will have to accept a legal agreement and disclaimer as wellas accept/sign with their signature. A copy of the registered Agentlicense is required in ordered to have the referral amount paid.

[0176] Agents will be able to create and complete real estate formsonline, and store them to the system. Each real estate agent will beable to access standard real estate forms that are populated in a postdescriptive file (pdf). This comprises information from buyer requestsfor a property contract and from sellers requests for a listingcontract. The real estate contract form is populated with specificfields from database information. Then, a decision algorithm is used todetermine, the real estate contracts and associated documents needed tobe used by the system analyzing information such as state, address,owners, year property built, etc. to complete a real estate contracttransaction to be ready for approval. Agents can set up a workflow tonotify the Seller, Buyer, Selling Agent, Buying Agent, or Third Partyuser (when/if applicable) about their completed listing or propertycontract. Buyers, Sellers and Third Party user will only be able toview, make comments or upload additional documentation if applicable totheir real estate contract.

[0177] The Selling Agent, Buying Agent, Brokers can view the submissionsand add property listings or property contracts to the web site. Also,the system has an automated parcer that can electronically uploadmultiple listing system data from the MLS system and add, update ordelete listings from the existing database for the site. This data fromMLS is one source of data for use in auto populating a listing orproperty contract.

[0178] Registered Buyers, Sellers, Agents, Brokers, and Third Partyusers will have a different personalized page, “My Page”. “My Page,”will only contain information of interest to specific web users, suchas, hits on their listings or display information on their listing orproperty contract. For Registered Agents, “My Page,” will also containtheir referral information, Buyer Requests and Seller Requests, and anyreferral that has been forwarded directly to them by the system. The “MyFolder” functionality is provided to registered Buyers or Sellers, towork with their Agents and Brokers or Third Party users on their realestate transactions relating to their property. This includes theidentification of their Agent, Property Details, Property Type, ContractStatus, Listing Date, Selling Date, Items to Complete, Items Complete,Title Company, Settlement Date, Time, Location and Related PhoneNumbers, etc. Each Agent will be provided with the ability to grantauthority for user privileges and be required to select their customersfor the property to be displayed to them via their “My Page” (i.e.Property ID).

[0179] Referring to FIGS. 8 and 9, registered agents should be able tocomplete referral forms online and the system, or system administratorwill be able to facilitate referral transactions. The followingfunctionality is desired:

[0180] Agents can refer customers to the system for properties in thedefined geographical areas, such as the exemplary MD, VA and DC

[0181] The system can refer customers to other Agents outside ofgeographical areas MD, VA, and DC, or any other areas in or outside theU.S. (i.e. only Brokers may assign referrals to their individual agents)

[0182] The system can pass referral requests from Agents to other Agentsand send a commission change or charge receipt (the system monitors andtracks the status of the referrals based on the date created. It alsoautomatically tracks any follows-ups with users until the propertyclosing or settlement has occurred)

[0183] Customers and referral customers can be sent to the system forproperties in the exemplary MD, VA and DC areas or any other areas in oroutside the U.S. (i.e. only Brokers may assign referrals to theirindividual agents)

[0184] Each different referral situation or ticket is tracked andhandled based on how it was referred, when it was referred, and what thefinal outcome was.

[0185] For Referrals into the system:

[0186] Agents signs in and fills out referral form (i.e. Brokersignature must be received)

[0187] Other Agent agrees to transfer customer (i.e. Other Brokersignature must be received)

[0188] The system accepts and confirms both transactions occurred

[0189] For Referrals out of the system:

[0190] System displays generic info on referral listings (i.e. specificcustomer info not revealed)

[0191] Agent fills out form and signs agreement (i.e. Broker signaturemust be received)

[0192] Electronic or digital signatures or fax exchanges are other waysto transfer the referral form (i.e. other Broker signature must bereceived)

[0193] Upon agreement and confirmation (all Broker signatures obtained)customer information is exchanged

[0194] In implementation terms Registered Brokers, Agents, Sellers andBuyers will be able to complete referral forms online and submit them tothe system electronically or via a document upload capability. The formwill include legal language regarding the commission agreement in orderto transfer the customer for the real estate transaction. The systemwill then trigger an email through the system that a referral form hasbeen received. The Agent and Brokers will then be able to view thedetails from the Referrals area and confirm the agreed to commission.(i.e. all Brokers signatures must be received). Upon confirmation, thesystem will store and trigger an email to the Agent and the referralwill appear on the Agent's “My Page.”

[0195] When the system administrator captures a customer who needs realestate services that cannot be provided by the system, (i.e. interest isoutside the VA, MD, and DC Metro area) the system or systemadministrator will be able to solicit interest of other registeredlicensed Agents in the specified state. The system will do this bysending (pointing) available referrals to an “Available Referrals” page.(i.e. where generic customer info is displayed). Any registered ReferralAgent will be permitted to view and then process a referral form toapply for a selected referral. (i.e. customer information will not berevealed on this page) The referrals will appear as hyperlinks andclicking the available referrals link will enable the registeredlicensed Agent to complete the Referral Agreement form that will thentrigger an email to invoke the business process as stated in theparagraph above. If the system accepts the interest of a particularremote Agent, the referral hyperlink will automatically be removed fromthe “Available Referrals” page.

[0196] When the system receives a referral that is to be transferred toanother Agent, the referral will also be advertised in the “AvailableReferrals” page. If another Agent expresses interest in thattransaction, the system will track that referral assignment with eachAgent or Broker. Processes requiring signatures of the various partieswill take place manually or digitally and the database will track thesetransactions and signature types and status of each referral.

[0197] As shown in FIG. 10, the system administrator and registeredAgents or the ERTS system can track customers for follow-up and payment.All registered Agents are able to follow-up with their customers andverify or request payment. This entails the following:

[0198] Listed properties that are getting hits will be made available tothe registered Sellers, Agents and the Brokers.

[0199] Emails regarding interest in properties are tracked by thesystem.

[0200] Commissions for all possible transactions are tracked by thesystem until closing or settlement. Once a listing is sold, revenue willbe tracked. Revenue may be tracked on a daily, weekly, monthly, andyearly basis, based on Brokerage Organization.

[0201] All information on property listings for Agents and Brokers thatare getting hits will be extracted from the “My Folder” page, and willbe displayed to the listing Agent via “My Page.” Clicking the additionaldetails link will take the Agent to the details of the listing. Linksfrom this page will enable viewing and editing of the transactionhistory for the listing. The system administrator will have similarviewing, editing, and transaction tracking capabilities for allproperties. The system administrator will be able to separately viewlistings in the Buyer's “My Folder,” and associate the listing with theSeller or listing Agent for follow-up.

[0202] The administration section of the application will have a historytable to track and record details of each email solicitation and alsodisplay links to an area for Buyer Requests and Seller Requests. Withthe above, the system will be able to track all possible real estatetransactions to settlement. This option is available for the Agents andBrokers. This includes all leads and existing customers. (i.e. customersfrom the system or customers from an email solicitation) The followingfields will be used to track real estate transactions, based on Listingand Selling Brokerage Organization:

[0203] Name

[0204] Address

[0205] Email address

[0206] Customer Address (Mailing)

[0207] Customer Property Address (MLS)

[0208] Comments

[0209] Open/Close Status

[0210] Commission (%) and Dollar Amount

[0211] Copy of HUD is sent with the referral check (i.e. this closes thetransaction)

[0212] Note that email tracking may be done from within or without theERTS and essentially includes or considers:

[0213] Get an email from, for example, the web site and store it in adatabase

[0214] Raise alert flag if not responded to

[0215] Option to classify (by Buyer, Seller and Agent)

[0216] Filter emails

[0217] Forward emails to agents

[0218] Use a standard interface, such as Microsoft Outlook (MAPI)

[0219] Referring to FIG. 11, the application will enable Buyers orRenters to place security deposits on all types of properties they wishto lease or buy until the transaction is complete or settled (i.e. asettlement occurs and the transaction is closed). A link will beprovided on the detailed listing page of a property inviting thecustomer to place a security deposit. The link will invite the customerto login if the customer has not already done so. Unregistered customerswill be taken to the registration page. The Usere ID can be used andpassed as a global variable through out the login process.

[0220] The submission of a security payment or deposit will take placeon a form with the customer details (autopopulated from registration)and the calculation of a reasonable security deposit will be validatedby the system for the property desired to be purchased or rented. Thesecurity deposit amount will be determined by the value of the sale orlease price. A link will be available for the Buyer to use a recommended“Security Guidelines” page to calculate a reasonable security amountbased on the property criteria to help them verify and estimate theappropriate deposit or security amount for the property. Calculations(by the Listing ID) for a security deposit will include the option toautomatically populate a credit card form. The form will also ascertainthe preferred payment method and ask if the customer wishes to make anappointment to view the property or ask if they have already viewed it.When the user submits the form, the system will display a disclaimerthat the availability cannot be guaranteed and then automaticallytrigger an email to the system administrator while recording theinformation in the database. The customer will also be encouraged to getin direct contact with the Agent or Broker of the property. The Agentwill then review the security submission through their “My Page” agentarea, and make changes if necessary. Then the system will send theaccepted security information in the customer's “My Folder”. The Agentor system will send an email with a link informing the customer tosubmit the security payment via credit card. The customer can click thelink and enter their “My Folder”, if payment by credit card wasindicated as the preferred mode of payment during the security deposti.

[0221] On receipt of the email the customer will log into the system andview the contents of “My Folder” where a hyperlink “Make SecurityPayment” will appear. Clicking this link will take the customer to asecure (https) web page area of the application where the payment can besecurely made. This part of the application will require the services ofa third party vendor, offering credit card processing via SSL. Thecustomer and Agent will get an email notification of the completedtransaction and the information will also be recorded into the database.Recorded security deposit fields may be as follows: Customer Name,Credit Card Info, Amount, Transaction Date and Authorization ApprovalNumber, and some credit cards may require a 4-digit pin code. (i.e.American Express)

[0222] As shown in FIG. 12, a Contract Completion Online feature orElectronic Contract Generator (ECG) will enable the completion of orgenerating of real estate contract forms online to facilitate realestate transactions more efficiently and effectively. The ElectronicContract Generator (ECG) is described in more detail below. Theprerequisites for completing real estate contract forms online 901include:

[0223] Property must be identified (i.e. by a willing and able buyer andbe an active listing, e.g. a “For Sale” or “For Rent” listing) 903

[0224] A security deposit must be made (i.e. either manually by check orautomatically by the online credit card transaction process or by banktransfer) 905

[0225] If the client is not registered in the system, the Agent orsystem will manually enter the customer and property information intothe database 907. The Agent will then inform the recipients. Allregistered Agents and Brokers will have access to real estate forms fromthe “My Page” area 909. The forms will be converted to a standardformat. (i.e. an Adobe PDF format) The forms will be able to interactdirectly with the user interface and the database. The system willpre-populate the required contract fields upon creation 911. The systemwill upload other forms and documentation that will be stored for therelated property and placed in the associated customer folder via “MyFolder” 913. Any changes to a customer account will trigger an email 915for the client to check their account. If the client is unregistered,the email will include a link with the username and password includinginstructions as to how to logon and complete a registration 917.

[0226] If there are any questions or concerns from the Buyer or Seller,they may be handled by the Selling Agent or Listing Agent outside thesystem boundary (i.e. phone calls, fax exchanges, chat, etc.). Thesystem will allow updating and correction of forms until the parties aresatisfied and have reached an agreement. There will also be a makecomment functionality to store additional details, comments, or requestsfor the contract. The involved registered Agents will be informed, whenthe Buyer or Seller signals acceptance of their online contract forms,via an email and by pages that will display relevant changes or updatesin status by tracking the history of a contract. Any completed contractcan be uploaded manually if the Listing, and or Selling Agents wish toprocess forms manually and the contract can be uploaded and storedonline. If the property listing belongs to the Listing Agent then, theListing Agent will inform the Selling Agent via email and make thecontract available in the Agent and Customer areas via their “My Page.”

[0227] As shown in FIG. 13, an administration area will be provided tothe Agents and Brokers to track all contracts and their statuses for allsystem listings and property contracts pending, cancelled, withdrawn, orsettled. The administration page will automatically draw information forspecific listings under negotiation and until settlement. The followingfields will be displayed to facilitate contract tracking:

[0228] Type of Property

[0229] Property Address

[0230] Listing Broker (Mailing Address) and Listing Agent Info

[0231] Selling Broker (Mailing Address) and Selling Agent Info

[0232] Purchaser Info (Mailing Address)

[0233] Seller Info (Mailing Address)

[0234] Transaction Status

[0235] The new homes section will contain a listing of new homes andwill have the “My Folder ” functionality. A link will be provided fromthe main page to the New Homes section. The New Homes section willcontain specific details, such as:

[0236] Listing of new homes including images

[0237] Year Built and Age

[0238] Builder Information (only on display in admin area)

[0239] Type of Property

[0240] Availability

[0241] The WAP/WML and PDA application extensions will allow users ofWAP/WML enabled phones or devices to download information from thesystem via the Internet. The main home page will include a link to apage advertising specific WAP/WML or PDA features including:

[0242] View listings and listing details

[0243] Allow registered users to logon and view “My Folder”

[0244] Depending on the type of wireless device, the system will need tosupport specific communication protocols to download the information.The system will need to support these application extensions to providethe above capabilities.

[0245] The system is expected to be viewable in multiple languages andsupport international real estate transactions via the web. A pull-downmenu will allow users to select their language of choice. Below are twopossible methods to implement language translations:

[0246] Via Java Servelets that are derived from the Java Languageclasses

[0247] Via a third party software residing on the web server (i.e. suchas the WebPlexer International Language Server)

[0248] The language choice options will be provided on the home page andwill allow viewing of the entire site in the language of choice. Thelanguages that need to be supported are: Spanish, French, Japanese,Chinese, Arabic, Korean, Hungarian, German, and Others as required.Languages can be added very easily if additional language choice optionsare needed.

[0249] The purpose of the Real Estate mall feature is for visitors toshop for goods and services that are associated with buying, selling orleasing property. A Real Estate Mall page will display applicable realestate links. The system administrator will be able maintain the RealEstate Mall page by adding, editing, or deleting hyperlinks forbusinesses providing real estate services. These businesses will begrouped and displayed by category as applicable. The user will be ableto view all categories or select a specific category from a drop-downmenu, radio button or hyperlink. The following categories have beenidentified: Title Companies, Termite Companies, Moving Companies,Mortgage Loans, Local Cable and Phone Providers, Home Inspectors,Appraisers, Lawn Care Companies, Home Furnishings, Home Improvements,Handymen, Interior Decorators, Window Treatment, Lock Smiths, Local BabySitters, Local Dog Walkers, Local Home Cleaning Services, LocalEntertainment (i.e. movie Theaters, Restaurants, etc.).

[0250] The Agent Maintenance area allows the system administrator toadd, edit or delete Agents to and from the database. This informationincludes contact details for each registered Agent by BrokerageOrganization.

[0251] The system supports property tours and will provide a method toassociate listings with their own individualized virtual tour. Slidetours will be displayed with motion, animation, and video. Java Appletsor a third party software will be utilized for this implementation. Thesystem will provide an automated upload capability for uploading variousfile types (i.e. pictures). Listing presentations will be uploaded tothe Web Server and have a hyperlink from the listing detail pageinviting the visitor to take a virtual tour. Slide tours may beavailable in short medium and long formats with differing numbers ofslides, such as 1-4, 5-10, and 10-15 in each format.

[0252] The Back Office for the system to track Agents and Brokers is afeature that allows the system to monitor and track agents and brokers.The page will produce a summary of information by brokerage companiesthat will provide information including Sales tracking, Leads tracking,and Agents commission tracking.

[0253] The History of Agent Transactions allows the system to track thehistory of its agent transactions by tracking information such as thefollowing: Agents name, Property address, Transaction type (Sale, Lease,or Listing), Sale price of property and Sold price of the property, Bothsides of Agent Commission (%), Deductions (miscellaneous real estatefees), Associated Dates, and Listing Status. Functionality's willinclude save, modify and delete, and as much of the information aspossible will be auto-populated via the MRIS Server Real EstateTransaction Server (RETS), County Tax Databases or other real estaterelated databases.

[0254] The report section allows the system to generate reports.Exemplary reports include: Reports to Analyze Agent productivity, suchas Total rent/overall sales (sum of sale prices/Agent) and Overall salesper property type, Reports to Analyze System Productivity, such asOverall sales, Overall sales per property type (i.e. include MLSNumber), By county (i.e. Fairfax, Alexandria, Arlington, etc.), or Bystate, Status reports of incomplete transactions, such as, Active (i.e.money to come), View details of and link to each case process form.(i.e. by ability to review by each agent case), Under contract, andRental Applications, and Status reports of dead transactions: (i.e.canceled), such as, Expired or Withdrawn (i.e. money lost) listings,View details of and link to case process form (i.e. review by each agentcase), Expired or Withdrawn Listings, and Expired or Withdrawn RentalApplications

[0255] The Back Office for Agents is provided for registered Agents tofacilitate their business activities. Registered Agents will be able tologin and based on User-ID, will be taken to their personal page, “MyPage”. This page will contain, for example, links to the following:Listing Contracts, Sale Contracts, Canceled Contracts, Leases, CaseProcessing Entry (i.e. each registered agent has a considered caserecord, where he or she can keep their transactions, and keep their taxdeductions by year), Report on their commissions, and Entry form fordeduction details.

[0256] Additionally, there are forms for Agents, that allow the Systemto: download and complete contract forms (i.e. system auto-populatescustomer contract fields if customer is previously logged into thedatabase), Save to a folder by his/her system account (i.e. navigationfile cabinet with folder to store info), Print forms and reports, andEmail forms. The following documents are required for the web site:

[0257] Legal forms and agreements for or regarding registering Buyers,Sellers, and Agents (i.e. Specific Disclaimer/Disclosure acceptancerequired as applicable to the specific real estate system process)

[0258] Agent Referral Form

[0259] Language regarding Agent's agreement to transfer or refer acustomer (i.e. Agent Disclaimer/Disclosure acceptance required withBrokerage Company signatures)

[0260] Contract Form to add listings, and process automatedpre-populated contracts

[0261] Information relating to what information can be displayed toregistered Agents and Sellers regarding hits on their individuallistings

[0262] Security disclaimer language (i.e. for credit card)

[0263] Chat disclaimer language

[0264] Electronic or Digital Signature and disclaimer (i.e. store asignature online for validation, or meet with client the initial timeand store a copy of their signature on file by uploading a PDF hardcopyon file for them or use third party digital signature software for thiscapability. Each user will have a unique UserID, SignatureID, andInBoxID)

[0265] Real estate forms for online contract completion (i.e.auto-contract for different states and property types may be obtainedfrom third party software providers and stored on the web site).

[0266] Referring to FIG. 14, an exemplary overall functionaldecomposition diagram of ERTS is portrayed. FIG. 14 depicts at a highoverview level various more or less departments including a customer(buyers, sellers, and realty agents) service department, andadministrative function, real estate sales department, and third partyfunction.

[0267] Referring to FIG. 15 an exemplary administrative backend site mapshows the links or pages that are available to or accessible by anadministrator with more or less extended privileges. This may be thoughtof as site map for the system backend and depicts various pages that arepart of the system that are private or not accessible by the consumingpublic or customers.

[0268] Referring to FIG. 16, a high level and exemplary public front endor site map for the system from the consuming publics perspective isdepicted. This is the public view of the ERTS although that view willvary according to the access privileges for a specific user or customer.For example a buyer, seller, and a listing or selling agent will havedifferent views or be able to access different features, etc for thisrole-based system.

[0269] Referring now to FIG. 17, an electronic contract generator (ECG)that is utilized in ERTS according to one aspect of the presentinvention will be discussed. The ECG enables Realtors to collect,analyze and define high-level user needs and to acquire and developinformation for generation of an Electronic Property Request (i.e.contract). It focuses on capabilities needed by Realtors andrequirements for customers involved in developing property requests(contracts), and submitting the requests to the Listing Owner (Seller orLessee). It also addresses the needs of Brokers who play key rolesadministering the contract.

[0270] The ECG will provide customers 1703 and Realtors 1705 throughoutthe marketplace 1707 with an electronic system that helps identify andcomplete necessary real estate transaction requirements. This willinclude the following functionality: making an offer and creating andpre-populating a property request (contract) 1709 using information frombuyer, seller, and realty files and information entered in an onlinetemplate form, reserving security funds, etc. 1711, notifying androuting the contract between concerned parties in order to facilitateand memorialize the negotiation process, and submitting the informationto the relevant party such as back to the Seller (i.e. owner of thelisting) 1713. The system is intended to support processing requirementsfor all property types and in U.S. dollars. It will support processingcredit card transactions. It will also address the need for digitalsignatures that may play a key role in approving and providing aratified contract.

[0271] The ECG will be accessible via the web, Internet, and the likewide area networks. This methodology targets and captures anyresidential, commercial and land property transactions more quickly,effectively and efficiently. The goal is to have the web site become themost popular “one-stop shop” for any real estate transaction (need orservice) and further expand this capability to other Realtors andaffiliated brokers to track and record the history of their propertyrequests (contracts) and automate their day-to-day cumbersomeactivities.

[0272] The ECG is intended to meet the primary needs of people involvedin requesting real estate services and developing and approving propertyrequests (contracts). The individuals mainly involved with this phase ofthe real estate process include the following: Listing Agent, SellingAgent, Buyer, Seller, Loan Officer, Title Company, Credit Card Company,Listing and Selling Broker. A generic Third Party user may have accessto view or comment.

[0273] The following parties may be involved in a typical real estatetransaction in one or more of the manners noted below.

[0274] Listing Agent:

[0275] Individual who may generate the listing contract. This person isa likely contract originator. He/she may have to obtain some approvalsfor the requirement before a property request (contract) is generatedand sent to the Listing Owner (Seller).

[0276] Selling Agent:

[0277] Individual who sells the real estate property and submits anyfurther contract information to the ECG.

[0278] Buyer:

[0279] Individual who generated or inititated the property request orselection. (Purchaser/Renter). In addition, this individual can make ansecurity deposit, view or access the contract, make modifications orcomments until settlement.

[0280] Seller: (Listing Owner)

[0281] Individual who approves or disapproves the contract terms. Ifapproved, the Listing Owner (Seller) signs off on the contract. Inaddition, this individual can view or access the contract, makemodifications or comments until settlement.

[0282] Credit Card Company:

[0283] Buyers Credit Card Company that may authorize the securitydeposit amount associated with the property. The Credit Card Companydetermines if funds are available, and verifies the credit card numberand amount requested, which then can be electronically submitted to theECG, or refunded back to the card if necessary.

[0284] Listing/Selling Broker:

[0285] Individuals who assists the Listing/Selling Realtor and confirmscommission requirements. Serves as commission collector once theproperty is sold or leased. He/she may also serve as customer support ormay be a functional representative (i.e. supervisor) of the contractuntil closing.

[0286] Loan Officer:

[0287] Individual who manages the mortgage and provides an approvalletter on behalf of the Buyer for a property request (contract). Thisindividual determines funds availability for the Buyer, and verifies theloan request, and can submit the loan approval information to the ECG.In addition, this individual can request additional information from theBuyer or purchaser if necessary, by making loan comments to the contractor in other areas, through the ECG.

[0288] Title Company:

[0289] Individual who manages the contract for the Buyer and Seller. Inaddition, this individual can submit contract information and create ormodify settlement terms and conditions for the contract, through theECG.

[0290] The Activity Diagram of FIG. 18 depicts user interactions thataffect the flow of control between major system activities invoked byend-users. Each activity (a rounded rectangle) corresponds to one ormore use cases (see Use case Diagram FIG. 23). This correspondence isnot exhaustive, however as some of the Use Cases are not invoked by anend-user. Use Cases invoked by other Use Cases as a service or, invokedby time triggers are not depicted in this iteration of the FIG. 18Activity Diagram.

[0291]FIG. 18 begins with the login activity 1801 and the possibilitiesfor work choices based on the identified actor 1803 (i.e. SystemAdministrator 1805, Listing Agent as the contract originator 1807,Listing Agent, Selling Agent, Buyer, Seller for the digital signatures1809, Loan Officer, Credit Card Company 1811, Title Company or GenericThird Party {not specifically shown}). See the Use Case Diagram fordetailed accessibility of each of these system actors. As indicated,after work in the various processes 1813, the user is allowed to loop tothe beginning or log out 1815 of the system.

[0292]FIG. 19 depicts the actionable processes involved in managingworkflows 1901 and maintaining users 1903 on the system. Systemadministrators tailor the system to accommodate the business rules, add,change, or delete users, generate reports 1905 and supporting documenttemplates 1907 as appropriate.

[0293]FIG. 20 depicts various actionable processes involved ingenerating and modifying a contract and shows some of the primaryfunctionality of the Electronic Contract Generator (ECG). The Activitybegins and determines whether a contract should be generated or editedat 2003 and if generated then 2005 is devoted to generation of acontract. After 2003 or 2005 the process may end 2007 or the contract,whether newly created or pre existing may be edited, by adding orchanging data 2009, creating attachments 2011, or adding othersupporting attachments 2013. If data is added 2015 determines whether toadd or change contract data 2017, add or change funding data, or add orchange contract items and after the selected action, the flow returns to2003. If attachments, such as addendum's or additional requiredcontractual forms based on property contract type or propertyattributes, are to be created, 2023 determines whether to designcontract work documents 2025, design contract sources 2027, or designcontract specification 2029 and after the selected action, the flowreturns to 2003. If attachments are to be added the supporting documentsare added or attached to the contract at 2031 and the flow returns to2003. Various Templates will allow the user to attach supportingdocuments to the contract or contract package.

[0294] Referring to FIG. 21, the actionable processes involved inprocessing the contract, such as approving, disapproving, counteroffering, canceling and routing the contract through a workflow will bediscussed. The workflow may be pre-defined by the system administratoror may be created on the fly (ad-hoc). Users or relevant actors may alsomake comments and view the status of the contract at any point in theworkflow. Digital signatures may be incorporated or documents will bescanned in and uploaded if signatures have to be manually obtained. Thecontract processing activity diagram begins and at 2101 it is determinedwhether an approval 2103, a routing 2105, or review 2107 action isdesired. If an approval path is followed, 2108 determines whether thecontract will be approved 2109 or disapproved 2111. If disapproved 2113determines whether the contract will be withdrawn or canceled 2115 orwhether a counter offer will be made 2117. After approval orcancellation or counter offer the flow returns to 2101.

[0295] If the routing path is followed 2119 determines whether to routeforward 2121 or backward 2123 and after the selected action the flowreturns to 2101. If the reviewing path is chosen 2125 determines whetherthe status is checked 2127, a notification is received 2129, or commentsare to be made 2131 and after the selected action the flow returns to2101. One other path that may be taken from 2101 is to end the contractprocessing activities at 2133.

[0296] Referring to FIG. 22 various actionable processes involved inobtaining funding, such as online credit card transactions for acontract and verifying funds will be discussed. Associated activitiesare editing and approving the amount for the contract, which isaddressed by the above discussed activity diagram. The activitiesdepicted by FIG. 22 include requesting funds 2203 and reviewing fundingstatus 2205. The requesting activity may be either an initial requestfor funding 2207, a change in a request 2209, or a cancellation of afunding activity 2211. The reviewing activity includes either receivinga notification related to funding 2213 or otherwise checking status ofthe funding 2215. All paths lead back to the start and from there to theend of the processes 2217.

[0297] Referring to FIG. 23, a Use Case Model is used to identify keyactors within the ERTS and more specifically the Electronic ContractGenerator (ECG) portion of the system and the primary sets of actions oruse cases that the actors perform in the course of their work. This usecase model effectively identifies the many end-users of the ElectronicContract Generator (ECG) and their specific needs within the system. Thestick figures identify actors with the use case model while the ovalssummarize actions with the ERTS and specifically ECG portion of thesystem. The lines between actors and actors, such as the system and theovals determine interactions of the system with the use cases. Thespecific use case or ovals will now be described in more detail.

[0298] Add/Change Contract Data:

[0299] This use case begins when changes or additions need to be made tospecific contract data portions of the property request (contract). Thisincludes initial data entry for the purpose of creating the propertyrequest (contact) and adding or changing information previously entered.The use case ends once the new information is saved to the propertyrequest (contract). The 1-click-edit concept is applicable when changingindividual areas of a property request (contract). The 1-click editprocedure facilitates changing a single field or small number of fieldsfor previously stored data and the system only updates the field or areachanged on the form, such as a contract document. Data is efficientlyupdated into the database as opposed to resaving the entire form and allcounterparts. This method overrides and marks an efficient process asopposed to a time consuming process which uses more system resources forresaving unchanged data to the database.

[0300] Add/Change Contract Items: 2301

[0301] This use case begins when contract items need to be added orchanged on a property request (contract). The user selects theappropriate contract item to add or replace existing information, asneeded utilizing the 1-click edit concept. The use case ends when thenecessary contract item changes or additions are saved to propertyrequest (contract).

[0302] Add/Change Funding Data: 2302

[0303] This use case begins when changes or additions need to be made tothe funding data portion of the property request (contract). The useradds or changes the appropriate funding data to the property request(contract) including sales price, down payment, first trust, secondtrust amounts, etc. The use case ends once the funding changes oradditions have been saved to the property request (contract) as neededutilizing the 1-click edit concept.

[0304] Design Contract Work Documents: 2303

[0305] This use case begins when documentation describing propertyrequest (contract) details are required to complete the property request(contract). The user obtains the supporting documents from the partyresponsible for performing the work or creates it in a text document, orby modifying a template. The use case ends when a supporting documentfor the property request (contract) is documented and is ready to beattached to the property request (contract).

[0306] Design Contract Source/Justification/Disclaimer: 2304

[0307] This use case begins when a user determines that an agent inparticular is needed to satisfy and represent their real estate needs.This user, justifies/disclaims this recommendation in writing bycreating a text document or by modifying a template, that can be addedto the contract. The use case ends once the justification/disclaimer isdocumented and is ready to be attached to the contract. Electronic ordigital signatures shall be incorporated as an option.

[0308] Design Contract Specifications: 2305

[0309] This use case begins with a need to describe detailed physical,functional, or technical specifications of the property to be sold orrented. The user may import a document from an external source or designthe specifications using a pre-existing template. (i.e. copy an existingcontract) The use case ends once the user has documented thespecifications of the property and is ready to attach the document tothe property request (contract).

[0310] Attach Supporting Documents: 2306

[0311] This use case begins once additional justifications/disclaimersor specifications are documented that are required to support theproperty request (contract). The user adds the supporting documentationfrom modified templates or imports documents from other externalsources. The use case ends when the supporting documents have beenattached to the property request (contract).

[0312] Route Forward: 2307

[0313] This use case begins when actions on a property request(contract) are saved and complete and it needs to be routed forward in aworkflow. The user routes the property request (contract) forward foradditional approval or for action. The use case ends once the next userin the workflow receives the property request (contract). The propertyrequest (contract) will have specific time limitations assigned to eachworkflow recipient. If the recipient in the workflow does not review oraccept the property request (contract) in a given time period, thesystem may route the contract to the next recipient in the workflow ormark the contract as cancelled.

[0314] Route Backward: 2307

[0315] This use case begins when actions on a property request(contract) are saved and it needs to be routed backward in the workflow.The user sends the property request (contract) back for additionalinformation or for changes. The use case ends once the intended userreceives the property request (contract).

[0316] Approve Contract: (Accept/Ratify) 2308

[0317] This use case begins when a property request (contract) has beenrouted for approval and is received by a Seller, Buyer, Renter, orRentee. The user approves the property request (contract) with orwithout comments. The use case ends when the property request (contract)is routed to the next user for action.

[0318] Disapprove Contract: (Reject) 2309

[0319] This use case begins when a property request (contract) has beenrouted for approval and is received by a Seller, Buyer, Renter, orRentee. The user can disapprove the property request (contract), with orwithout comment and send the property request (contract) back to theRealtor or Broker. The use case ends when the property request(contract) is routed to the next user for action.

[0320] Counter Offer Contract: (Return for Action) 2310

[0321] This use case begins when a property request (contract) has beenrouted for approval and is received by a Seller, Buyer, Renter, orRentee. The user determines if additional action is required before theproperty request (contract) can be approved. The use case ends when theRealtor or Broker receives the property request (contract).

[0322] Cancel Contract: 2311

[0323] This use case begins when a property request (contract) has beensubmitted for approval. At the discretion of the creator of the propertyrequest (contract), this use case ends when this individual cancels theproperty request (contract). The system can also cancel a contract basedon programmed time mechanisms that each contract is tracked by. (i.e.see route forward 2307).

[0324] Make Comments: 2312

[0325] This use case begins when a user determines additional commentsare necessary to process the property request (contract). The user addstext comments to the property request (contract) before routing it tothe next user. The use case ends when the user makes and saves thecomments.

[0326] Request Funds/Submit Funding Request: 2313 (Credit CardInformation)

[0327] This use case begins when an authorization is needed for afunding request. The funding request is routed to a Credit Card Companyto obtain a credit card validation. The financial authority verifies allfunding information for accuracy and sends an approval request forfunding to the system. The use case ends when the system receives thefunding approval for a property request (contract).

[0328] Change Funds/Submit Funding Change: 2314 (Credit CardInformation)

[0329] This use case begins when a funding request needs to be changed.The funding request change is routed to the Credit Card Company toobtain another credit card validation or refund. The financial authorityverifies all funding information for accuracy and sends an approval orrefund request for the funding change to the system. The use case endswhen the system receives a debit or credit for the property request(contract) or the use case ends when a funding change is submitted torectify any errors or cancellations.

[0330] Receive Funding Notification: 2315

[0331] This use case begins when a request has been sent for funds suchas credit card funds. The system posts confirmation of the commitment orchange to the system, which can be viewed by the user. The use case endswhen the user views or gets receipt of the credit card fundingnotification.

[0332] Cancel Funds/Cancel Funding Request: 2316

[0333] This use case begins following cancellation of the propertyrequest (contract). The financial authority submits a fundingcancellation to the system to stop reservation of funds for a propertyrequest (contract). The use case ends when the request for cancellationis received in the system.

[0334] Check Funding Status: 2317

[0335] This use case begins following request, cancellation or change ofthe funding request. The financial authority submits a fundingnotification to the system of the new reservation of funds for aproperty request (contract). The use case ends when the request isreceived in the system and stored with the previous one.

[0336] Receive Notification: 2318

[0337] This use case begins when the system records action taken on aproperty request (contract). The user should receive automaticnotification in some form without having to prompt the system. The usecase ends once a user receives notification of action taken on aproperty request (contract).

[0338] Check Status: 2319

[0339] This use case begins when a user wants to know the status of aparticular property request (contract). The user queries the system forstatus information including approvals, changes, comments, etc. The usecase ends once user queries the system and receives status informationback about the property request (contract).

Design Report: 2320

[0340] There are no pre-conditions for this use case. The user specifiesthe types of data needed and determines the layout of the report to becreated. The use case ends once these requirements have been determinedand the report is generated.

[0341] Retrieve Report: 2321

[0342] This use case begins when system-generated information isrequested to trace a property requests (contracts) activity historyand/or to obtain information of its content. The user queries the systemusing a pre-designed report or based on data queries. This use case endswhen a report containing this information is generated for a user toview.

[0343] Generate Report: 2321

[0344] This use case begins when a user requests audit informationconcerning a property request (contract). The user may query the systemfor specific data to be included within the property request (contract).Once a report is generated and printed this use case ends.

[0345] Design Workflow: 2322

[0346] There is no precondition for this use case. The administratordesigns the workflow for the property request (contract) based onbusiness rules. The use case ends once the workflow has been defined.

[0347] Change Workflow: 2323

[0348] This use case begins when the current workflow does not satisfythe current routing needs. Authorized Users or system administratorsmake changes to steps within the approval chain. The use case ends oncethe workflow has been modified to reflect the changes.

[0349] Design Templates: 2324

[0350] This use case begins with a need to customize and designtemplates to allow flexibility in the design of attachments anddocuments. System administrators create the templates for generatingcommonly used supporting documents. The use case ends when templates arecreated and made available on the system.

[0351] Add/Change/Delete User Profiles: 2325

[0352] This use case begins when changes or additions need to be made tousers on the system. These profiles include access, sign-on and othersecurity considerations, in addition to approving and viewingprivileges. The use case ends once the system administrator has made allnecessary changes and additions to the system user profiles.

[0353] Add Contract Items: 2326

[0354] This use case begins when certain contract forms or addendum'sneed to be with contained with the property request (contract). TheRealtor adds the appropriate form or addendum to the property request(contract). The use case ends once the additions have been saved withthe property request (contract).

[0355] From a functionality or feature perspective the ECG in additionto fulfilling the above noted Use Cases further satisfies numerousrequirements. Various of these features are noted below in a tabularizedformat grouped as identified from time to time.

[0356] Generating Property Requests (Contracts): 2327

[0357] PRD1 The ECG supports generating a property request (contract).

[0358] PRD1.1 The ECG supports access to databases of exiting purchaserequests (contracts).

[0359] PRD1.2 The ECG supports access to databases of preexisting forms(i.e., Residential, Commercial, Land, etc.)

[0360] PRD1.3 The ECG supports creating a new property request(contract) based on a previous one. (i.e. copying)

[0361] PRD1.4 The ECG supports access to web-based links forinformation.

[0362] PRD1.5 The ECG supports access to locally or externally hostedelectronic databases.

[0363] PRD1.6 The ECG supports access to mandatory real estate formsincluding:

[0364] Addendums

[0365] Disclaimers

[0366] Disclosures

[0367] PRD1.7 The ECG supports entering the following property request(contract) form information as applicable: (i.e. listing agreement,sales contract, addendum, disclaimer, disclosure, etc.)

[0368] Date

[0369] Seller/Buyer

[0370] Listing/Selling Broker and Listing/Selling Agent

[0371] Property Description

[0372] Items to Convey

[0373] Expiration Date

[0374] Seller Signatures

[0375] Buyer Signatures

[0376] Listing Agent Signatures

[0377] Selling Agent Signatures

[0378] Broker Signatures

[0379] Compensation Days after Expiration or Termination

[0380] Retainer Fee

[0381] Sub Agency Compensation

[0382] Buyer Agency Compensation

[0383] Check Box Terms

[0384] Sale or Rent Price

[0385] Property Disclaimers (i.e. Residential, etc.)

[0386] Disclosures and Acknowledgement of Information (i.e. Lead-BasedPaint Hazards, etc.)

[0387] Disclosure of the Use of Designated Representatives or Disclosureof Dual Representation

[0388] Contract PRD1.7.7/Amendment Number

[0389] MLS/MRIS Number

[0390] The ECG PRD1.8 Supports entering the following contract iteminformation:

[0391] Other Terms, Conditions or Contingencies

[0392] PRD1.9 The ECG supports entering the following account data:

[0393] Credit Card Information

[0394] Credit Card Type

[0395] Account Number

[0396] Expiration Date

[0397] Account Holder

[0398] 4-Digit Code (if applicable)

[0399] PRD1.10 The ECG automatically generates unique document numbersand revision numbers and support manual override. (MLS/MRIS will be afield that will pre-populate once the contract is generated from alisting)

[0400] PRD1.11 The ECG automatically calculates funding totals andsupports manual override.

[0401] PRD1.12 The ECG allows adding free-form text comments to theproperty request (contract) in specified areas.

[0402] PRD1.13 The ECG supports free-form text for contract itemdescriptions.

[0403] PRD1.14 The ECG provides tailorable pull-down lists or picklists.

[0404] PRD1.15 The ECG supports multiple lines for funding items orinformation. (i.e. money comes from different sources)

[0405] PRD1.16 The ECG supports U.S. Dollars, preferably, rather thannon-USA currency.

[0406] PRD1.17 The ECG allows clipboard capability.

[0407] PRD1.18 The ECG supports attachment of supporting documents.

[0408] PRD1.18.1 The ECG supports customizable templates for supportingdocuments (contract work documents, specifications, contract sourcejustification, disclaimers, etc.)

[0409] PRD1.18.2 The ECG supports attachment of any type of electronicdocument or file to a property request (contract) as supportingdocuments and classifies type of attachment.

[0410] PRD1.18.3 The ECG supports inclusion of legal text, such as Termsand Conditions, as an attachment.

[0411] PRD1.18.4 The ECG allows for the removal of attachments based onprivileges.

[0412] PRD1.18.5 The ECG allows for editing attachments within theirhost application.

[0413] PRD1.18.6 The ECG bundles supporting documents with the propertyrequest (contract) into a single package (bundle) and then routes themtogether.

[0414] Data Validation Features

[0415] PRD2 The ECG provides data validation and error handling.

[0416] PRD3 The ECG checks against credit card items (valid accountinformation).

[0417] PRD4 The ECG automatically checks and prompts for mandatoryapprovals for forms such as Residential Property Disclaimer Statement,or other necessary forms as applicable.

[0418] PRD5 The ECG automatically checks for duplicate property requests(contracts) or amendment numbers.

[0419] PRD6 The ECG a-

[0420] PRD7 The ECG automatically populates fields based on the userprofile.

[0421] Tracks Workflow Features

[0422] PRD8 The ECG supports routing the property request (contract)through a defined and tracked workflow.

[0423] PRD8.1 The tracked workflow supports both approval member andinformation member privileges.

[0424] PRD8.2 The ECG supports ad-hoc routing by authorized users andsystem administrators.

[0425] PRD8.3 The ECG supports sequential routing.

[0426] PRD8.4 The ECG supports parallel routing.

[0427] PRD8.5 The tracked workflow supports multiple approval members.

[0428] PRD8.6 Each approval member shall be able to approve, disapprove,return for action, and add comments to a property request (contract).

[0429] PRD8.7 The ECG supports freezing and canceling property request(contracts) by the user, based on privileges.

[0430] PRD8.8 The ECG provides the ability to work on multiple propertyrequests (contracts) at a time.

[0431] PRD8.9 The ECG supports multiple user access at the same time.

[0432] Querying, Reporting and Printing

[0433] PRD9 The ECG tracks documentation history.

[0434] PRD9.1 The ECG records the routing of the property request(contract) through the workflow.

[0435] PRD9.2 The ECG records changes made to the property request(contract).

[0436] PRD9.3 The ECG records comments made to property request(contract).

[0437] PRD10 The ECG informs users when actions are taken on a propertyrequest (contract).

[0438] PRD11 The ECG notifies users when an action is required.

[0439] PRD12 The ECG supports viewing a property request (contract)status at any point in the workflow. (i.e. routing history)

[0440] PRD13 The ECG supports customizing reports based on any dataelement.

[0441] PRD14 The ECG supports database queries. (i.e. searching)

[0442] PRD14.1 The ECG supports organizing/sorting by state, propertytype, property addresses, dates, and contract status.

[0443] PRD14.2 The ECG supports filtering by dollar amount, propertytype, and text.

[0444] PRD15 The ECG supports document retrieval.

[0445] PRD15.1 The ECG allows for document retrieval by Broker code. TheECG allows for document retrieval by Agent Number.

[0446] PRD15.2 The ECG supports document retrieval by property request(contract) number or amendment number, and MLS. The ECG supportsdocument retrieval by property address The ECG supports documentretrieval by property address and state PRD15.1

[0447] PRD16 The ECG prints various real estate standard formsincluding:

[0448] PRD16.1 The ECG Listing Contracts, Regional Sales Contracts, etc.

[0449] Interface features

[0450] PRD17 The ECG may interface with other systems.

[0451] PRD17.2 The ECG may support submitting a funding request. The ECGmay support receiving and posting confirmation of funds commitment. TheECG supports submitting modifications to a contract with a fundingrequest. The ECG supports receiving and posting confirmation of fundingrequests modifications. The ECG supports submitting funding requestcancellations. The ECG supports receiving and posting confirmation offunds cancellation. The ECG prints commitment documents for distributionto another agency.

[0452] PRD18 The ECG operates independently of MLS.

[0453] PRD17 The ECG may interface with Credit Card Companies.

[0454] PRD17.2 The ECG interfaces with multiple Credit Card servers. TheECG supports submitting a funding request to Credit Card Companies. TheECG supports receiving and posting confirmation of a contract fundingrequests. The ECG supports submitting changes to a Credit Card Company.The ECG supports submitting Credit Card cancellations. The ECG supportsreceiving and posting confirmation of Credit Card cancellations. The ECGreceives account status information from Credit Card Companies. The ECGreads Credit Card Company reference data.

[0455] PRD18 The ECG shall operate independently of Credit CardCompanies. (i.e. use personal checks)

[0456] PRD17 The ECG supports integration of digital signatures.

[0457] PRD17.2 The ECG supports integration with electronic systems(satellite, WAP/WML, PDA, etc).

[0458] PRD18 The ECG operates independently of electronic providers orsystems.

[0459] Administration

[0460] PRD22 The ECG provides workflow management and administrationcapability.

[0461] PRD22.1 Workflow administrators will be able to create ahierarchical workflow.

[0462] PRD22.2 Workflow administrators will be able to create and modifyuser profiles.

[0463] PRD22.3 The workflow will be role-based, name-based and accountbased.

[0464] PRD22.4 The ECG supports automatically rerouting to the nextapprover based on a manual setting (i.e. approval authority will be outof the office for extended period of time).

[0465] PRD22.5 The ECG supports automatically rerouting to the nextapprover based on a time threshold setting (i.e. approval authoritytakes action too slowly or just does not respond).

[0466] PRD23 The ECG provides online help, including user-defined helpfiles. The help feature is a menu bar function, and screen sensitive.

[0467] PRD24 The ECG provides access control and security using UserIDand an encrypted Password.

[0468] Client System Requirements

[0469] PRD25 The ECG provides a Graphical User Interface.

[0470] PRD26 The ECG supports TCP/IP, HTTP, and https to provideInternet/Intranet access.

[0471] PRD27 The ECG is OBI compliant.

[0472] PRD28 The ECG consists of web-based, preferably mult-tierbusiness logic, server architecture.

[0473] PRD29 The ECG requires a browser-based, thin client.

[0474] PRD30 The ECG supports Microsoft's Internet Explorer 4.0 orhigher and Netscape's Communicator/Navigator 4.0 or higher.

[0475] Application Integration and Data Transfer

[0476] PRD31 ECG documentation provides a database schema.

[0477] PRD32 ECG documentation provides a data dictionary.

[0478] PRD33 ECG provides a facility for importing data into a datawarehouse, via a parcer.

[0479] PRD34 ECG supports the Simplified Message Transfer Protocol(SMTP).

[0480] PRD35 ECG supports selection of tables and data elements forexport to any of 12 standard data formats (Excel, TXT, CSV, SQL Syntax,SYLK, WKS, WK1, WMF, DIF, DBF2, DBF3, and Report).

[0481] PRD36 ECG supports electronic data exchange using EDI, ftp, anyprotocols and email.

[0482] PRD38 The ECG supports OBI compliance

[0483] PRD39 The system uses an SQL compliant database.

[0484] PRD40 The ECG supports JDBC connectivity.

[0485] The ECG uses and supports real-time Chat capability.

[0486] Infrastructure

[0487] PRD41 The ECG complies with Real Estate Standards.

[0488] This disclosure is intended to explain how to fashion and usevarious embodiments in accordance with the invention rather than tolimit the true, intended, and fair scope and spirit thereof. Theforegoing description is not intended to be exhaustive or to limit theinvention to the precise form disclosed. Modifications or variations arepossible in light of the above teachings. The embodiment(s) was chosenand described to provide the best illustration of the principles of theinvention and its practical application, and to enable one of ordinaryskill in the art to utilize the invention in various embodiments andwith various modifications as are suited to the particular usecontemplated. All such modifications and variations are within the scopeof the invention as determined by the appended claims, as may be amendedduring the pendency of this application for patent, and all equivalentsthereof, when interpreted in accordance with the breadth to which theyare fairly, legally, and equitably entitled.

What is claimed is:
 1. A method of generating on line a contract for areal estate transaction comprising: collecting, on line and inelectronic form, transaction specific information for a real estatecontract including identifying parties and agents involved with the realestate contract; providing, in an electronic format, a real estatecontract form; populating the real estate contract form with thetransaction specific information; generating online, responsive topopulating the real estate contract form, an electronic filecorresponding to the real estate contract for the real estatetransaction; and sending concurrently, using a web-based service, anotice of the generating online the electronic file corresponding to thereal estate contract to a plurality of parties involved with the realestate transaction.
 2. The method of claim 1 wherein the collecting, inelectronic form, transaction specific information for a real estatecontract further comprises obtaining some transaction specificinformation from a contract information file.
 3. The method of claim 1wherein the collecting, in electronic form, transaction specificinformation for a real estate contract further comprises obtaining someof the transaction specific information from other electronic filesrelevant to the real estate transaction.
 4. The method of claim 3wherein the obtaining some of the transaction specific information fromother electronic files relevant to the real estate transaction furthercomprises obtaining the some of the transaction specific informationfrom one of a buyer information file, a seller information file, and aspecific realty file.
 5. The method of claim 1 wherein: the providing,in an electronic format, a real estate contract form further comprisesproviding a standard real estate contract form that is un-populated withtagged fields in a post descriptive file (pdf) format; the populatingthe real estate contract form with the transaction specific informationfurther comprises populating the tagged fields of the standard realestate contract form in the pdf format from corresponding data basefields; and the generating online, responsive to populating the realestate contract form, an electronic file corresponding to the realestate contract for the real estate transaction further comprisesgenerating a populated real estate contract in the pdf format.
 6. Themethod of claim 1 wherein the sending concurrently the notice to theplurality of parties further comprises sending the notice to a pluralityof a buyer, a seller, a selling agent, a selling broker, a listingagent, and a listing broker.
 7. The method of claim 6 wherein the noticecorresponding to the real estate contract is one of an electronicnotification concerning the real estate contract and the electronic filecorresponding to the real estate contract.
 8. The method of claim 1further comprising one of the plurality of parties involved with thereal estate transaction modifying the real estate contract.
 9. Themethod of claim 8 wherein the modifying the real estate contract furthercomprises one of adding and changing one of contract data, contractitems, and contract funding information.
 10. The method of claim 8further comprising tracking any change resulting from the modifying thereal estate contract and a history of the modification including the oneof the plurality of parties that originated the change, status of theone of the parties, and the time of the modification and sendingconcurrently a notice of any changes to the plurality of partiesinvolved with the real estate transaction.
 11. The method of claim 8further comprising; creating online additional electronic filescorresponding to additional documents associated with the real estatecontract.
 12. The method of claim 11 further comprising attaching theadditional electronic files corresponding to additional documentsassociated with the real estate contract to the electronic filecorresponding to the real estate contract for the real estatetransaction.
 13. A method of developing via a web-based network aratified contract for a real estate transaction between a seller and abuyer comprising: collecting, on line and in electronic form from aplurality of files, transaction specific information for a real estatecontract; generating online an electronic file corresponding to the realestate contract for the real estate transaction by populating a realestate contract form with the transaction specific information; andobtaining, online, approval of the real estate contract by the buyer andthe seller to provide a ratified contract.
 14. The method of claim 13wherein the collecting, on line and in electronic form from a pluralityof files, transaction specific information for a real estate contractfurther comprises obtaining information from a buyer information file, aseller information file, and a realty information file.
 15. The methodof claim 13 wherein the generating online an electronic filecorresponding to the real estate contract for the real estatetransaction further comprises generating the electronic filecorresponding to the real estate contract for the real estatetransaction in a post descriptive file (pdf) format.
 16. The method ofclaim 13 wherein the obtaining, online, approval of the real estatecontract by the buyer and the seller to provide a ratified contractfurther comprises sending to a party involved with the real estatetransaction, via a web-based connection, information corresponding tothe real estate contract for the real estate transaction.
 17. The methodof claim 16 wherein; the party involved with the real estate transactionis one of a buyer, a seller, a selling agent, a selling broker, alisting agent, and a listing broker; and the information correspondingto the real estate contract for the real estate transaction is one of anotice concerning the real estate contract and the electronic filecorresponding to the real estate contract.
 18. The method of claim 16further comprising the party involved with the real estate transactiondisapproving the real estate contract and modifying the real estatecontract to provide a counter offer real estate contract that uponapproval is the ratified contract, the modifying the real estatecontract further comprising one of adding and changing one of contractdata, contract items, and contract funding information.
 19. The methodof claim 16 further comprising a party involved with the real estatetransaction, via a web-based network connection, reviewing the realestate contract process by one of checking status of the real estatecontract, receiving an automatic electronic notification regarding thereal estate contract, and offering comments regarding the real estatecontract.
 20. An electronic contract generator for generating a contractfor a paper less real estate transaction, the electronic contractgenerator comprising: a processor coupled to a database and a pluralityof client processors via a web based network in a client serverarrangement; and software instructions that when installed and executingon the processor result in the processor performing the methodcomprising; automatically collecting, on line and in electronic formfrom a plurality of files, transaction specific information for a realestate contract; generating online an electronic file corresponding tothe real estate contract for the real estate transaction by populating areal estate contract form with the transaction specific information; andobtaining, online, approval of the real estate contract by a buyer and aseller to provide a ratified contract.
 21. The electronic contractgenerator of claim 20 wherein the collecting, on line and in electronicform from a plurality of files, transaction specific information for areal estate contract further comprises obtaining information from abuyer information file, a seller information file, and a realtyinformation file.
 22. The electronic contract generator of claim 20wherein the generating online an electronic file corresponding to thereal estate contract for the paperless real estate transaction furthercomprises generating the electronic file corresponding to the realestate contract for the real estate transaction in a post descriptivefile (pdf) format.
 23. The electronic contract generator of claim 20wherein the obtaining, online, approval of the real estate contract bythe buyer and the seller to provide a ratified contract furthercomprises sending to a party comprising one of a buyer, a seller, aselling agent, a selling broker, a listing agent, and a listing brokerinvolved with the real estate transaction, via a web-based networkconnection, one of a notice concerning the real estate contract and theelectronic file corresponding to the real estate contract for the realestate transaction.
 24. The electronic contract generator of claim 23further comprising the party involved with the real estate transactiondisapproving the real estate contract and modifying the real estatecontract to provide a counter offer real estate contract that uponapproval is the ratified contract, the modifying the real estatecontract further comprising one of adding and changing one of contractdata, contract items, and contract funding information, wherein allmodifying is tracked via a transaction history.
 25. The electroniccontract generator of claim 20 wherein the electronic file correspondingto the real estate contract for the real estate transaction is stored ata centrally located server and therefore minimally redundant andavailable in a current version to a multitude of service providers.